Armada Acquisition I(AACI) - 2021 Q3 - Quarterly Report

IPO and Fundraising - The company completed its IPO on August 17, 2021, raising gross proceeds of $150 million from the sale of 15,000,000 units at $10.00 per unit[87]. - A private placement of 459,500 Private Shares was also completed simultaneously, generating an additional $4,595,000[107]. - The company placed $150,000,000 in cash from the IPO proceeds into a Trust Account[87]. - Underwriters were granted a 45-day option to purchase an additional 2.25 million units to cover over-allotments, with a cash underwriting discount of 1.0% amounting to $1.5 million[102]. - The total offering costs related to the IPO amounted to $1.842968 million, in addition to the underwriting discounts and commissions[107]. Financial Performance - As of June 30, 2021, the company reported a net loss of $1,969 for the three months ended June 30, 2021, and a total net loss of $4,408 since inception[92]. - The company had approximately $13,746 in its operating account and a working capital deficit of $143,623 as of June 30, 2021[93]. - After the IPO, the company had $1,163,587 in cash available for working capital purposes[94]. - The company has no operating revenues until the completion of its initial business combination[90]. Management and Controls - Management believes it will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from the filing date[95]. - The company’s disclosure controls and procedures were evaluated as effective as of June 30, 2021[103]. - There were no changes in internal control over financial reporting that materially affected the company during the fiscal quarter ended June 30, 2021[104]. - The company’s principal executive and financial officers certified the effectiveness of the disclosure controls in compliance with the Sarbanes-Oxley Act[31.1][31.2]. - The company is subject to the SEC's rules and forms for timely disclosure of information[102]. Underwriting and Commissions - The underwriters received a cash underwriting discount of 1.0% of the gross proceeds, totaling $1,500,000, with an additional deferred commission of $225,000 if the over-allotment option is fully exercised[102][107]. - The underwriters are entitled to an additional deferred underwriting commission of $225,000 if the over-allotment option is fully exercised[102]. Securities Registration - The company’s securities were registered under the Securities Act on a registration statement that became effective on August 12, 2021[106].